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Tax cut was year's largest

11.10.13

A recent study by KPMG suggests that the UK's 5% reduction of the top rate of tax was the largest anywhere in the world in 2013.

At the start of the current tax year (6th April 2013), Britain's top rate of tax dropped from 50% to 45%, which matched the rates adopted by both Germany and France.

As a result of the cut, the UK has dropped from the fifth highest top rate in the EU to the 11th, and the 18th highest in the world.

Many believe that the top rate of tax should be further reduced to attract more high earners into the country and convince those currently residing in the UK to stay. Several notable figures, including Tom Jones and Rod Stewart became tax exiles due to the top rate of tax being so high in the Seventies.

Don't forget that the 31st October is the deadline for the paper submission of your Self Assessment tax returns.

If you would like to submit a paper return, you need to have it in by this date otherwise you could be fined. For those who prefer to file their return online, you have until the end of January. If you require assistance with your tax return, we have partnered with Taxback.com who will complete your tax return on your behalf for a reduced rate of £110 (normally £250). Click here for more details.

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